1. 9M 2012 Results
October 2012

2. 9M2012 Results
Consolidated financial structure
€m
Shareholders’ equity - Group 31 Dec. 2011 30 Sept. 2012
Sorgenia 557.8
577.5 582.9
544.3
Espresso 312.7 315.8
Sogefi 113.3 113.6
KOS 111.2 117.3
Other subsidiaries (1) 20.8 11.1
Education 28.7 26.4
Fixed assets 126.8 (3) 126.3
Private equity and minority investments 91.5 105.8
NPLs (2) 64.2 62.7
Other assets/liabilities (19.8) (27,3)
Net cash 10.8 20.3
Consolidated shareholders’ equity 1,437.7 1,416.3
(1) Cir Ventures, Food Concepts
(2) including Junior Notes Zeus, Jupiter
(3) of which Espresso goodwill € 102,8m, real estate € 17,5m
2

3. 9M2012 Results
Net financial position at “holding system” level
Increase of net cash at holding system level is mainly due to financial income
related to the portfolio of liquid assets
Net financial position at 30 September 2012 Evolution of net financial position
(1) (4)
(2) (3)
(1) € 25.2m Dividends received, €18.6m dividends paid
(2) Including +€ 5.6m of divestments
(3) Fair value of securities + securities income, trading
(4) Operating costs, extraordinary costs, taxes, etc.
3

4. 9M2012 Results
Composition of liquid assets and gross financial debt
€m
31 Dec. 30 Sept. 31 Dec. 30 Sept.
2011 2012 2011 2012
Government bonds 5.9 6.6 CIR S.p.A. 2004/2024 268.3 280.1
Corporate bonds 406.7 364.5
Lodo 564.2 564.2
Liquidity 96.0
331.3 387.8
Hedge funds 79.0 81.1 Other debt 5.0 0.7
Other (stocks, equity funds) 25.4 25.1
Total liquid assets (1) 848.3 865.3 Gross financial debt (1) 837.5 845.0
Liquid assets at 30 September 2012
(1) Including € 564.2m referring to the “Lodo Mondadori” cash receipt
4

5. 9M2012 Results
Lodo Mondadori
On July 9 2011 the Milan Court of Appeal sentenced Fininvest to pay
compensation for damages in relation to the “Lodo Mondadori” case
On July 26 2011 CIR received from Fininvest € 564.2 million, inclusive of
legal costs and interests
This income, in accordance with international accounting standards (IAS 37),
has been neutralized until the third and final court ruling
As of September 30 2012 financial income of Lodo Mondadori related assets
has been substantially in line with legal interest costs being provisioned for(1)
On May 14 2012 the Cassazione High Court rejected a petition filed by
Fininvest, who claimed that the judges of the Court of Appeal had wrongly
applied laws in their sentence
5

6. 9M2012 Results
Consolidated net financial position
€m
31 Dec. 2011 30 Sept. 2012
Sorgenia Group (1,730.5) (2,013.5)
Espresso Group 96.0
(110.2) (105.1)
Sogefi Group (299.8) (325.2)
KOS Group (165.1) (152.8)
Other subsidiaries (40.3) (17.3)
Total subsidiaries (2, 345.9) (2,613.9)
Cir & financial holdings 10.8 20.3
Consolidated net financial indebtedness (2,335.1) (2,593.6)
Total shareholders’ equity 2,479.0 2,424.8
Consolidated net invested capital 4,814.1 5,018.4
6

7. 9M2012 Results
Consolidated income statement
€m
9M2011 9M2012
Sorgenia Group 6.9 (40.8)
Espresso Group 266.9
22.9 14.7
Sogefi Group 10.9 13.1
KOS Group 4.8 4.1
Total major subsidiaries 45.5 (8.9)
Other subsidiaries (1) (7.2) (4.5)
Total contribution from subsidiaries 38.3 (13.4)
Cir & financial holdings (23.3) 3.4
Net income 15.0 (10.0)
(1) Jupiter/Zeus, Food Concept, Cir Ventures
7

8. 9M2012 Results
Corporate structure
Operating subsidiaries
Non-core investments
Revenues 2011 € 2.1 Bio Revenues 2011 € 890m Revenues 2011 € 1.2 Bio Revenues 2011 € 350m
EBITDA € 192 m EBITDA € 157 m EBITDA € 108 m EBITDA € 52m
ENERGY MEDIA AUTOMOTIVE COMPONENTS HEALTHCARE Venture capital funds
Thermal National Press Engine systems Residential nursing homes Private equity funds
Renewables Local Newspapers Suspensions Rehabilitation Other investments
E&P Internet Hospitals
Radio & Television
Advertising
8

9. 9M2012 Results
Sorgenia – operating structure
65.0% SORGENIA 35.0%
HOLDING
81.3%
17.2%
0.3%
MANAGEMENT 1.2%
ENERGY SUPPLY RENEWABLES E&P OTHER ACTIVITIES
Marketing & Sales Sorgenia Green E&P LNG Terminal
Sorgenia SpA (Parent Company) Solar Wind Italy 50%
Fin Gas (70% LNG Med
100% Sorgenia E&P Gas Terminal)
Trading Sorgenia Solar
100% 100%
Vento Venture Capital in
100% Sorgenia Trading S. Gregorio Magno Clean Technologies
Wind France Castelnuovo di
Thermoelectric generation Conza 100%
50% S. Martino in Pensilis Sorgenia USA LLC (69,47%
100% Sorgenia Power Sorgenia France Bonefro Noventi Ventures II LP)
100% Sorgenia Puglia Production Caggiano
Campagna
Wind Romania S. Ricigliano
Energy Saving S. Castelvetere
100% 75%
70% Sorgenia Menowatt Sorgenia Romania
Minervino
Solar Biomass
78% Energia Italiana
(50% Tirreno Power) 100% 100%
Sorgenia Next Sorgenia Bioenergy
9

10. 9M2012 Results
Sorgenia – production capacity
In operation or in In construction
Plants Total
commissioning
Sorgenia Power (Termoli CCGT) 770 770
Sorgenia Puglia (Modugno CCGT) 800 800
Sorgenia Power (Bertonico-Turano 800 800
Lodigiano CCGT)
Sorgenia Power (Aprilia CCGT) 800 800
Tirreno Power (pro-rata 50%) 1,675 1,675
Sorgenia France (50%) 76.5 6.2 82.7
Wind Italy 93 19 112
Hydroelectric (Tirreno Power 50%) 33 33
Sorgenia Solar (photovoltaic) 10 10
Sorgenia Bioenergy (biomass) 1 1
Total capacity (MW) 5,059 25.2 5,084
10

11. 9M2012 Results
Sorgenia – 9M results
€m
9M 2011 9M 2012
Revenues 1,557.1 1,758.3
EBITDA 125.7 49.6
EBITDA (adjusted) (1) 128.1 47.5
Net result 13.5 (77.1)
Net result (adjusted) (1) 96.0
18.0 (80.9)
(1)Figures adjusted by excluding the fair value measurement of hedging contracts
Sorgenia’s EBITDA decline in the first nine months of 2012 is mainly due to:
The contraction of thermoelectric generation margins, negatively impacted by a 2,7%
decline of electricity demand and consequent overcapacity, competition of renewables at
peak times, the high price of gas for power plants and higher congestion charges on the
electricity grid in the Southern regions
The decreasing contribution of Tirreno Power for the same reasons as those listed above
The lower contribution of the renewable business due to changes in the consolidation
perimeter
The decline in natural gas sales volumes and margins
Net result was also impacted by the increase in amortization, higher financial expenses and
an €13m write-down of exploration activities
Sorgenia launched in recent months a series of turnaround actions , whose results are
expected by end of 2012 and 2013, including gas supply contract renegotiation, cost
reduction and divestment of non core assets
11

12. 9M2012 Results
Espresso – operating structure
LA LOCAL MAGAZINES RADIO TELEVISION DIGITAL ADVERTISING
REPUBBLICA NEWSPAPERS STATIONS
National daily 18 Regional Espresso + 3 Three national Deejay TV Kataweb, Manzoni
newspaper newspapers other radio stations la Repubblica.it
throughout Italy publications
Market update:
in the first eight months of 2012 the overall advertising market has
recorded a 10.5% downturn
market circulation is still declining both for dailies and magazines
(estimated -7% for dailies)
12

13. 9M2012 Results
Espresso – 9M results
€m
9M 2011 9M 2012
Revenues 653.7 594.0
EBITDA 112.0 82.8
Net income 96.0
41.4 26.4
Gruppo Espresso’s circulation revenues for 9 months 2012 (net of add-on
products) were € 199.3m, down 3% vs. 9M 2011
Advertising revenues were €342.4m, showing a 10.1% decline. The
performance of on-line advertising, up 14.3% (vs. +11% of the internet
market) confirmed the continuing positive trend, despite the overall
unfavourable context
Total costs show a 5.2% reduction, mainly as a result of cost reduction
measures implemented during 2011
Despite the general economic situation and the negative prospects for the
advertising market in medium term, Gruppo Espresso confirms the outlook
for a positive net result in 2012, although markedly down vs. 2011
13

14. 9M2012 Results
Sogefi - operating structure
ENGINE SYSTEMS SUSPENSION
DIVISION COMPONENTS DIVISION
PRECISION
CARS TRUCKS SPRINGS
In Engine Systems, the acquisition of In Suspensions Sogefi has patented a new
Systèmes Moteurs enabled Sogefi to type of coil spring made of fiberglass
achieve three important industrial reinforced plastic (FRP) which weighs
objectives: the extension of its product between 40 and 70% less than the
lines into engine air and cooling systems; traditional steel springs
higher penetration in North America, China
and India; a greater presence among
German high end car manufacturers
14

15. 9M2012 Results
Sogefi global footprint
1 NETHERLANDS
4 UK 3 GERMANY
1 CANADA
1 SLOVENIA
1 ROMANIA
13 FRANCE
1 USA 3 SPAIN
3 ITALY 2 CHINA
1 MEXICO
1 EGYPT
3 INDIA
4 BRAZIL
2 ARGENTINA
44 PRODUCTION SITES 16 COUNTRIES 5 CONTINENTS
2nd largest suspension producer worldwide; leader in Europe and South
America
3rd engine filtration systems producer in Europe; leader in South America
15

16. 9M2012 Results
Sogefi – 9M results
€m
9M 2011 9M 2012
Revenues 829.8 1,005.1
EBITDA 79.9 98.1
Net income 18.8 96.0 22.4
In the first 9M of 2012 the slowdown in the automotive sector continued:
-20.5% in new car registrations in Italy, - 13.8% in France, -11% in Spain and
-1.8% in Germany. Slowing demand in Brazil, while North America continued
to grow
Despite the challenging market environment, Sogefi closed the first 9 months
of 2012 with an increase of 21.1% in revenues and 22.8% in EBITDA thanks
to the growth in the North America market and to the contribution of newly
acquired Systèmes Moteurs
In the last quarter of 2012 a further worsening of the automotive market in
Europe is expected. A scenario of commodity price stability and continuing
cost cutting actions should enable Sogefi to confirm the improvement in its
end-of-year financial results compared to 2011
16

17. 9M2012 Results
KOS – operating structure
SHAREHOLDERS
 CIR (51.3%)
 AXA Private Equity (46.7%)
 Management and others (2.0%)
HOSPITAL
RSA REHABILITATION MANAGEMENT
Nursing homes: KOS is the Rehabilitation: KOS is the Hospital management: KOS
largest private Italian fourth private Italian provides advanced and hi-tech
operator in nursing homes operator in functional and medical services (diagnostic
for non-self sufficient psychiatric rehabilitation, imagining, nuclear medicine
elderly, where it operates where it operates under the and radio therapy), under the
under the brand “Anni brands “Santo Stefano” and “Medipass” brand. In this
Azzurri” “Redancia” business area, the group also
manages the “Fratelli
Montecchi” Hospital in Suzzara
(Mantua)
17

18. 9M2012 Results
KOS: geographical presence
2011 KOS revenues by region Italy
€m 63 facilities in seven regions of North and Central
Italy
7.4
94.3
19.9 Over 5,800 beds under management and more
than 1,000 beds under construction
41.3 42.9
4,292 employees
17.3 0.9 India
101.2
Start-up activities are ongoing in India, where the
0.2
joint venture ClearMedi was started in the second
8.7
half of 2011. The company, controlled by KOS
(51%) and a local partner (49%), is active in
providing high tech diagnostic and medical
equipment managed in outsourcing for Indian
6.4
hospitals
18

19. 9M2012 Results
Growth of hospital beds
+ 700 beds per year (av.) by means of selective acquisitions and
green-fields development
Growth pipeline of over 1.000 beds 1108
+1.000 beds under
construction, to be
opened in the next 3
years
5,785
5,643
130 Hospital
5,061 130
4,897
Management
130
130 1,685 Rehab
1,684
4,190
130 1,283 1,399
3,375
1,011
130
256
Nursing Homes
1,682 3,970
1,554 3,829
3,484 3,532
130 2,989 3,049
130 256
214
1,210 1,296
127
0
127
2003 2004 2005 2006 2007 2008 2009 2010 2011
19

20. 9M2012 Results
KOS – 9M results
€m
9M 2011 9M 2012
Revenues 261.9 265.3
EBITDA 41.3 37.9
Net income 8.9 96.0 8.0
In the first 9m 2012 revenues posted an increase of 1.3% thanks to
the development of KOS’ three business areas
Decrease in EBITDA is mainly due to higher rental costs related to the
sale and lease back of three real estate properties in the third quarter
of last year, which however allowed to reduce net financial debt
20

21. 9M2012 Results
Non-core investments
Venture capital
CIR Ventures is the venture capital fund of the group with investments in
companies operating in the sector of information and communications technology.
The total fair value of these investments at September 30 2012 was 14 million
dollars
Private equity
Diversified portfolio of private equity funds and direct minority private equity
participations. The fair value at September 30 2012 was approximately € 105.8
million. Increase vs. 4Q 2011 figure (€87.8m) is largely due to positive fair value and
some investments
Other investments
SEG (Swiss Education Group), a world leader in education for hospitality
management (hotels, restaurants, etc.) in which CIR has an interest of 20%,
reported in 9M 2012 a strong level of enrolments with much of the demand
coming from Asian countries. In 2012 two new facilities devoted to the teaching of
culinary arts started operating in Bouveret and Lucerna
At the end of 2011 the NPL servicing business was sold, while CIR retained the
ownership of the NPL portfolios acquired in the past. At September 30 2012 the net
value of CIR investment in the non-performing loan business amounted to €62.7 m
21

22. Disclaimer
This document has been prepared by CIR for information purposes only and for use in
presentations of the Group’s results and strategies.
For further details on CIR and its Group, reference should be made to publicly available
information, including the Annual Report, the Semi-Annual and Quarterly Reports.
Statements contained in this document, particularly the ones regarding any CIR Group
possible or assumed future performance, are or may be forward looking statements and in
this respect they involve some risks and uncertainties
Any reference to past performance of CIR Group shall not be taken as an indication of future
performance
This document does not constitute an offer or invitation to purchase or subscribe for any
shares and no part of it shall form the basis of or be relied upon in connection with any
contract or commitment whatsoever.